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First Solar, Inc.

FSLR Technology Solar

First Solar, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.2 billion, up 24.1% from fiscal 2024. In the quarter to June 2026, revenue fell 3.73%, EPS grew 23.2%, free cash flow fell 121.0% and total debt fell 93.5%, each against the same quarter a year earlier. Member of the S&P 500; revenue growth for three consecutive years.

177.82 1.03 −0.58%
Market cap
$19.2B
P/E
10.9×
Fwd P/E
16.0×
Dividend yield
—
F-score
7/9
Altman Z
6.28
Beneish M
−2.54
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

First Solar, Inc. (FSLR) Debt to equity

Alert me on Debt to equity

First Solar, Inc.'s debt to equity at the end of the quarter to 30 June 2026 was 0.0×, down 0.0× from fiscal 2025 (0.1×). Over the past ten years it has ranged from 0.0× (fiscal 2022) to 0.1× (fiscal 2019); the current reading is higher than 55% of that period. That is below the Solar industry median of 0.1× and below the Technology sector median of 0.1×.

Debt to equity, annual

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Annual newest first

Period Debt to equity Change
FY2025 0.1× (31.54%)
FY2024 0.1× (8.83%)
FY2023 0.1× 153.17%
FY2022 0.0× (17.87%)
FY2021 0.0× (20.36%)
FY2020 0.1× (45.30%)
FY2019 0.1× 3.24%
FY2018 0.1× 16.06%
FY2017 0.1× 113.85%
FY2016 0.0× (30.84%)

Quarterly newest first

Period Debt to equity Change
Jun 2026 0.0× (91.65%)
Mar 2026 0.0× (17.59%)
Dec 2025 0.1× (15.10%)
Sep 2025 0.1× (8.88%)
42 more quarters

Against its own ten years

Low 0.0× High 0.1×
Ten-year median 0.1×
Current reading's percentile 55

Debt to equity against peers

Company Debt to equity
ARRY Array Technologies, Inc. compare −3.3×
DQ DAQO New Energy Corp. compare 0.0×
NXT Nextpower Inc. compare 0.0×
FSLR First Solar, Inc. 0.0×
SHLS Shoals Technologies Group, Inc. compare 0.3×
ENPH Enphase Energy, Inc. compare 0.5×
SEDG SolarEdge Technologies, Inc. compare 0.9×
JKS JinkoSolar Holding Company Limited compare 1.1×
RUN Sunrun Inc. compare 3.5×
Solar industry median 0.1×
Technology sector median 0.1×
Market median 0.2×

What Debt to equity is

Debt to Equity Ratio shows how much a company relies on borrowed money compared with the money its shareholders have in the business.

(Long Term Debt (Total) + Current Part of Debt) ÷ Shareholders Equity (Total)

The full definition of Debt to equity →

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